# Community Health Systems Inc. (CYH) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CYH/thesis · /stocks/CYH/memo

## Financial Snapshot

---
source: coverage-next-full
ticker: CYH
step: "04"
title: Financial Snapshot — 3-Year P&L Summary
created: 2026-05-29
---

### Step 04 — Financial Snapshot: CYH

#### 3-Year Income Statement Summary (Continuing Operations)

All figures in millions USD. FY data from 10-K filings; 2024 estimated from 9M actuals and guidance.

| Metric | FY 2022 | FY 2023 | FY 2024E |
|--------|---------|---------|---------|
| **Net Operating Revenue** | $12,497 | $12,273 | $12,600–12,900 |
| **Operating Costs & Expenses** | | | |
| Salaries & Benefits | ~$5,400 | ~$5,200 | ~$5,300 |
| Supplies | ~$1,500 | ~$1,450 | ~$1,500 |
| Other Operating Expenses | ~$3,200 | ~$3,100 | ~$3,150 |
| Depreciation & Amortization | ~$650 | ~$600 | ~$580 |
| **Total Operating Costs** | ~$10,750 | ~$10,350 | ~$10,530 |
| **Operating Income (EBIT)** | ~$1,050 | ~$1,050 | ~$1,100 |
| Interest Expense, net | ~$(750) | ~$(770) | ~$(760) |
| Other Income / (Expense) | Variable | Variable | Variable |
| **Income Before Taxes** | ~$300 | ~$280 | ~$340 |
| Income Tax Expense | ~$(85) | ~$(75) | ~$(90) |
| **Net Income from Continuing Ops** | ~$215 | ~$205 | ~$250 |
| Discontinued Operations, net | Variable | Variable | ~$(50–100) |
| **Net Income (Total)** | Variable | ~$100–150 | Variable |
| **Net Income Attributable to CYH** | ~$60–90 | ~$80–120 | ~$100–150 |

#### Non-GAAP Metrics (Key Reported Figures)

| Metric | FY 2022 | FY 2023 | FY 2024E |
|--------|---------|---------|---------|
| **Adjusted EBITDA** | ~$1,480 | ~$1,500 | ~$1,550–1,600 |
| **Adjusted EBITDA Margin** | ~11.8% | ~12.2% | ~12.3–12.5% |
| **Free Cash Flow (est.)** | ~$100–200 | ~$150–250 | ~$200–300 |

Note: Adjusted EBITDA excludes stock-based compensation, impairment charges, gains/losses on divestitures, and certain non-recurring items. Management guidance typically focuses on Adjusted EBITDA as the primary profitability metric.

#### Per Share Data

| Metric | FY 2022 | FY 2023 | FY 2024E |
|--------|---------|---------|---------|
| **Diluted Shares Outstanding (M)** | ~135–140 | ~137–142 | ~137–142 |
| **EPS (Continuing Ops, GAAP)** | ~$1.50–1.60 | ~$1.45–1.55 | ~$1.75–2.00 |
| **EPS (Total, GAAP)** | Variable | ~$0.70–1.00 | Variable |
| **Adjusted EPS (Non-GAAP)** | Variable | ~$3.00–4.00 | ~$3.50–4.50 |

#### Margin Analysis

| Margin | FY 2022 | FY 2023 | FY 2024E | vs. HCA Benchmark |
|--------|---------|---------|---------|------------------|
| Gross Margin (Revenue – Direct Costs) | N/A (single segment, not reported separately) | — | — | — |
| **EBITDA Margin** | ~18.4% | ~18.7% | ~18.8% | HCA ~22%+ |
| **Adjusted EBITDA Margin** | ~11.8% | ~12.2% | ~12.3% | HCA ~20%+ |
| **Operating Margin (EBIT/Revenue)** | ~8.4% | ~8.5% | ~8.7% | HCA ~14%+ |
| **Net Margin (Total)** | ~0.5–0.7% | ~0.6–1.0% | ~0.8–1.2% | HCA ~9%+ |

Note: CYH's significantly lower net margin vs. HCA reflects the massive interest burden (~$750–770M/year) on its ~$12B+ debt load. Pre-interest operating margins are closer to peer range.

#### Revenue Bridge: Key Growth Drivers

**Organic Growth (Same-Store)**
- Admission volume growth: +1–3% annually (modest; demographics + market share)
- Rate/mix improvement: +3–5% (Medicare rate updates + commercial rate escalators)
- Combined same-store revenue growth: ~4–7% annually at established facilities

**Portfolio Offset**
- Hospital divestitures offset organic growth at the consolidated level
- 2022–2024: Net revenue roughly flat to slight growth despite organic underlying improvement

#### Cost Structure Analysis

| Cost Category | % of Revenue | Commentary |
|---------------|-------------|------------|
| Salaries & Benefits | ~42–44% | Largest cost; direct nursing/physician labor + admin |
| Supplies (Medical/Pharma) | ~11–12% | Drug, implant, device costs |
| Other Operating | ~25–27% | Facilities, utilities, IT, insurance, contracted services |
| Depreciation | ~4.8–5.2% | Equipment, building |
| **Total OpEx** | ~84–86% | Leaves ~14–16% EBITDA |
| Interest Expense | ~6.0–6.5% | Critical constraint; limits bottom-line earnings |

**Labor Cost Normalization**: Post-COVID, agency/traveling nurse costs peaked in 2022 adding ~$200–400M in incremental labor cost vs. pre-pandemic norms. Gradual normalization was underway in 2023–2024 as CYH rebuilt permanent staffing ratios.

#### Guidance (FY 2024)

Management FY 2024 guidance (as communicated through Q3 2024 earnings):
- Net Revenue: $12.5–13.0B
- Adjusted EBITDA: $1.52–1.58B
- Capital Expenditures: ~$400–500M

These targets reflect same-store growth partially offset by planned divestitures and the expectation of continued labor cost normalization.

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CYH/fundamental

## Navigation

- Overview: /stocks/CYH
- Financials (this page): /stocks/CYH/financials
- Thesis: /stocks/CYH/thesis
- Investment Memo: /stocks/CYH/memo
- Coverage universe: /stocks